Approaching breakeven. May 2012 total gross adex, although flattish YoY,
is a welcome change after YoY contractions in total gross adex in three
of the four preceding months. This confirms our earlier view that the
worst is over for the media sector as the adex-friendly UEFA Euro Cup
and London Summer Olympics get underway. We remain Neutral on the media
sector. Attractive net dividend yields of 5-6% should limit downside
risk for now.
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Source: Maybank Research - 28 June 2012
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